Wednesday, April 29, 2009

Rupee Split Ends Worse By 28 Paise At 50.51 - April 29, 2009

The rupee closed lower by 28 paise at 50.51/52 against the dollar due to weakness in the equity markets that amid sustained demand from oil companies for the US currency.

At the Interbank Foreign Exchange (Forex) market, the rupee resumed lower at 50.42/44 from its earlier close of 50.23/24. Later it moved in a range of 50.56 and 50.29 a dollar before closing at 50.51/52, a drop of 0.56 per cent over its revious close. The month-end dollar demand from oil refiners mainly weighed on the rupee, a forex dealer said. The Reserve Bank of India (RBI) fixed the reference rate for the US dollar at Rs 50.44 and the euro at Rs 65.68.

The benchmark six-month forward dollar premium payable in October closed at 73-75 paise as against 72-74 paise on Monday and the far forwards maturing in April ended at 115-117 paise. The rupee moved down further against the pound sterling to close the day at Rs 73.63/65 from its previous close of Rs 73.19/21 and also dropped against the Japanese yen to Rs 52.44/46 per 100 yen from previous close of Rs 52.00/02. However, it recouped against the euro to conclude the day at Rs 65.57/59 from the previous close of Rs 66.00/02.

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